Foreclosure in Georgia>Question Details

Moving, Home Owner in Georgia

How long does one given to move after a home is sold in foreclosure or if the house goes back to the bank(reo)? I live in Georgia.

Asked by Moving, Georgia Fri Jan 21, 2011

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First and foremost, if you can avoid foreclosure by selling the property via a short sale I would recommend doing so. I am a short sale expert that has helped many many families avoid foreclosure. There are many benefits to a short sale.

To answer your question, if the home goes back to the bank because they are the only bidder you will contacted via a knock on the door by a representative (usually the listing agent for the bank) with the bank outlining all your options. A relocation fee is often offered so that you depart peacefully meaning without damage. When a relocation fee is offered they usually offer a 30 day move-out relocation fee and a 60 day move-out relocation fee. If a buyer buys the property at the auction then your days are limited and there will likely be no relocation fee offered.

It is not too late to save your home from foreclosure and process a short sale. Feel free to call me to discuss.

Lorie Gould
Associate Broker with Keller Williams Realty Atlanta Partners
CDPE, Certified Distressed Property Expert
Short Sale Specialist
Web Reference:
0 votes Thank Flag Link Sat Jan 22, 2011
Why would you let your house go to foreclosure and ruin your credit? Even if you are upside down on your mortgage, you can short sale. Please call us directly to discuss your specific situation. Our services are FREE to homeowners. We look forward to hearing from you.

Eli Givoni, Director
Short Sale Department, LLC
Serving all 50 states
0 votes Thank Flag Link Fri Jan 21, 2011
Georgia has no 'right of redemption' period. This means once your home has sold to the highest bidder, they would retain immediate possession. If you are still in the property, they could start an action of eviction.

Georgia is also a 'recourse' state, meaning the bank can potentially sue the former homeowner for any losses they incur on the property.

If you are a renter (as opposed to an owner) your rights would be different.

For your specific situation it's important that you contact an attorney BEFORE the foreclosure occurs. If you are a renter, contact your local legal aid of tenants association.

This information is provided as a guideline of the law and shouldn't be considered to be legal advice as I am not an attorney.
0 votes Thank Flag Link Fri Jan 21, 2011
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